Thailand’s SET Index closed at 1,468.52 points, increased 11.55 points or 0.79% with a trading value of 50.40 billion baht. The analyst stated that the Thai stock market increased in tandem with the regional markets, following anticipations for a soft landing economy in the US. Investors showed interest in the Vayupak Fund, generating a net value of THB 20 billion, with forecasts indicating sustained purchases. The market surge was also influenced by an increase in GULF, INTUCH, and DELTA due to their own factors.
The analyst foresees a potential pause in the Thai market’s upward trend, while investors keep an eye on the imminent release of inflation data from the US later tonight.
In September, Thai consumer confidence saw a seventh consecutive decline, reaching its lowest level in 17 months as per a survey, primarily attributed to concerns surrounding sluggish economic growth and recent floods in certain regions of the country. The University of the Thai Chamber of Commerce reported a drop in the consumer index to 55.3 in September from 56.5 the previous month.
The People’s Bank of China (PBOC) announced the commencement of applications from financial institutions to participate in a newly established funding scheme, initially valued at 500 billion yuan ($70.62 billion), aimed at bolstering the capital market.
Eligible securities firms, fund companies, and insurers are invited to apply for the swap scheme, facilitating easier access to funding for stock purchases.
The Federal Reserve officials were divided in the September meeting on cutting interest rates, uncertain about the level of aggression required, ultimately settling on a 0.5 percentage point reduction to strike a balance between confidence in inflation and concerns about the labor market.
